China announces new tariff waiver for 79 US goods

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China announces new tariff waiver for 79 US goods

On Tuesday, the 12th of May 2020, Beijing had issued a statement unfurling a new list of 79 US products which would be spared from the tit-for-tat tariffs inclined at the peak of Sino-US trade spat last year, as the world’s second-largest economy had reportedly been taken aback by a persistent US pressure to shore up imports of US goods.

Aside from that, China’s Finance Ministry said on its Tuesday’s (May 12th) statement that the new tax waivers for a total of 79 US products, imports value of which the ministry had declined to disclose, would come in to effect on May 19th and would last until May 18th, 2021, unless any kind of new development over the trade war frontiers between the world’s first- and second-largest economy.

On top of that, latest announcement from Beijing over a suspension of retaliatory tariffs on 79 US goods came against the backdrop of a conference call held last week between the top trade negotiators of Beijing and Washington, while the US Treasury’s Mnuchin said the officials had discussed over the implementation of the ‘Sino-US Phase One trade deal’ signed off on January 15th this year.

Apart from that, in February, Beijing said in an announcement that it had been brewing off an option to waive as many as 696 US goods from retaliatory tariffs including a swathe of critical products likes of soybean and pork.